Xero plunged after Chief Executive Steve Vamos announced their resignation effective February 1, 2023 after 5 years in the job. Further, the company reported its earnings for the six months to September 30. Revenue jumped +30.0% from last year to NZ$658.5m, and total subscribers increased +16.0% (to 3.5 m), all the while its net loss increased +172.9% to NZ$16.1 million from NZ$5.9 million the previous year, due to combination of increased costs and investment into growth and non-cash impairment against its Waddle business.